Under the revised plan, the four newly proposed condo towers would be developed in partnership with neighboring landowner RSBC Real Estate Co. that controls a 13.9-acre waterfront site and marina in the 4200 block of Flagler Drive, immediately south of the proposed ICON Palm Beach project that was slated to be built on a 5.1-acre site in the 4400 block of Flagler Drive, according to city of West Palm Beach records.

Prior to the revised ICON Palm Beach plans, at least eight development sites with the potential for hundreds of residential - either rental or condominium - units were already being contemplated in the North Flagler Drive corridor just north of Downtown West Palm Beach, according to a CondoVultures.com report.

CondoVultures.com is scheduled to profile condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of July 15, 2013.

In West Palm Beach, the Related Group is working to finally develop the ICON Palm Beach project that was originally proposed to be a 150-unit luxury tower to be built - but later shelved - during the last South Florida boom-and-bust cycle that began in 2003.

In 2011, the Related Group revived plans to develop the ICON Palm Beach project - this time with two towers and 505 units - but later revised down to 397 units before ultimately opting to “pull” its plans “indefinitely” following opposition from nearby residents, according to a CondoVultures.com report.

The push for new condo construction comes as the boom-era unit inventory is dwindling in West Palm Beach and South Florida alike.

As of June 30, 2013, less than 150 new condos were unsold out of a total of more than 3,400 units created in the Downtown West Palm Beach and Palm Beach Island coastal market during the last South Florida boom that began in 2003, according to a new CondoVultures.com report.

On the resale market, more than 280 condos are available for purchase at an average asking price of about $216 per square foot in the Downtown West Palm Beach and Palm Beach Island coastal market as of September 22, 2013, according to the licensed Florida brokerage CVR Realty™.

Of the condos being marketed for resale in the Downtown West Palm Beach and Palm Beach Island coastal market, about 40 percent of the units were created since 2003. The average resale asking price for the condo units created since 2003 is about $226 per square foot, according to Florida Realtors association data.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.

A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.